Talisman Finds 'Significant' Oil at Kurdish Well

Canada's Talisman Energy announced Monday that it had discovered a significant accumulation of light oil at the onshore Kurdamir-2 well in the Kurdistan Region of northern Iraq.

A cased-hole test was conducted in the deeper part of the Oligocene formation and follows an initial open-hole test conducted in March 2012. The test targeted approximately 65 feet of fractured reservoir below the main porous zone.

This zone tested at stabilized rates of up to 3,450 barrels per day of 38 degree API oil and 8.8 million cubic feet per day of natural gas over a two-day period. The final rate was achieved on a 72/64-inch choke with a wellhead flowing pressure of 810 pounds per square inch.

The results of the test confirm the presence of an oil column of at least 479 feet in the Oligocene reservoir, with no evidence yet of the oil-water contact level. The deeper extent of the oil column will be appraised by the drilling of the Kurdamir-3 well.

"We are very excited to have found high quality oil with significant flow rates in the lower part of the Oligocene formation," said Talisman's Executive Vice President for Exploration Richard Herbert in a company statement.

"We are preparing to test two additional zones in the oil leg over the coming weeks. Plans are underway to drill an appraisal well, Kurdamir-3, adjacent to this discovery, in early 2013."

Talisman is operator of the Kurdamir Block, with a 40-percent working interest. Joint venture participants include WesternZagros, with a 40-percent working interest, and the Kurdistan Regional Government, with a 20-percent carried interest.

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